11. Februar 2012 
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Value of Scotlands housing soars by £149 billion in past decade
New research from Bank of Scotland shows that the value of private housing stock north of the border rose by £149 billion (or 131%) in the decade to 2011, more than anywhere else in the UK. The value of the housing stock at the end of 2011 is estimated at £263 billion, up from £114 billion in 2001.
The increase of £149 billion over the decade is equivalent to £69,000 per household (owner-occupied and private rented) in Scotland. The value of Scotland’s private residential housing stock has grown at a much faster rate than overall consumer prices with the retail price index up by 38% over the past ten years.
The large rise in Scotland has been driven by a combination of a 111% increase in average house prices and a 16% increase in private housing stock – the strongest performance on both factors across the UK.
Housing wealth in Scotland out-performs the rest of UK
The 131% increase seen in Scotland was the best performance in the UK, growing at a faster rate than the national average of 84%. In the UK as a whole, the value of private housing stock rose by £1.8 trillion to an estimated £3.9 trillion in the decade to the end of 2011.
Scotland is followed by the North of England with a rise of 102% (from £50.5bn to £101.8bn). In Yorkshire and the Humber housing value has almost doubled to £236bn from £119bn in 2001 (98%). The smallest increases were in the South East (68%) and the West Midlands (71%).
Nitesh Patel, housing economist at Bank of Scotland, commented:
“Scotland has seen the largest increase in the value of the privately owned housing stock over the past ten years across the UK. Helped by more than a doubling in house price, as well as a 16% increase in the stock of privately held residential properties, the value of Scotland’s housing has increased by 131% - or £69,000 per household - during the decade. For most homeowners in Scotland housing is still very much the main store of private wealth.”
Source: Communities and Local Government (CLG) for regional house prices and privately owned residential properties
*Before deducting for mortgage outstanding balances
**2011 estimate based on Bank of Scotland calculation
The increase of £149 billion over the decade is equivalent to £69,000 per household (owner-occupied and private rented) in Scotland. The value of Scotland’s private residential housing stock has grown at a much faster rate than overall consumer prices with the retail price index up by 38% over the past ten years.
The large rise in Scotland has been driven by a combination of a 111% increase in average house prices and a 16% increase in private housing stock – the strongest performance on both factors across the UK.
Housing wealth in Scotland out-performs the rest of UK
The 131% increase seen in Scotland was the best performance in the UK, growing at a faster rate than the national average of 84%. In the UK as a whole, the value of private housing stock rose by £1.8 trillion to an estimated £3.9 trillion in the decade to the end of 2011.
Scotland is followed by the North of England with a rise of 102% (from £50.5bn to £101.8bn). In Yorkshire and the Humber housing value has almost doubled to £236bn from £119bn in 2001 (98%). The smallest increases were in the South East (68%) and the West Midlands (71%).
Nitesh Patel, housing economist at Bank of Scotland, commented:
“Scotland has seen the largest increase in the value of the privately owned housing stock over the past ten years across the UK. Helped by more than a doubling in house price, as well as a 16% increase in the stock of privately held residential properties, the value of Scotland’s housing has increased by 131% - or £69,000 per household - during the decade. For most homeowners in Scotland housing is still very much the main store of private wealth.”
| Value of Privately Owned Housing Stock in Scotland and the UK 2001-2011* | |||||||
| Region | Year End 2001 - £ billion | Year End 2011** - £ billion | Total % change over the decade | Average annual compound growth rate | |||
| Scotland | 114 | 263 | 131% | 8.7% | |||
| North East | 50 | 102 | 102% | 7.3% | |||
| North West | 180 | 322 | 79% | 6.0% | |||
| Yorkshire and the Humber | 119 | 236 | 98% | 7.1% | |||
| East Midlands | 120 | 224 | 87% | 6.4% | |||
| West Midlands | 157 | 270 | 71% | 5.5% | |||
| East | 228 | 413 | 81% | 6.1% | |||
| London | 395 | 744 | 88% | 6.5% | |||
| South East | 431 | 723 | 68% | 5.3% | |||
| South West | 205 | 378 | 85% | 6.3% | |||
| Wales | 77 | 142 | 85% | 6.3% | |||
| Northern Ireland | 41 | 75 | 83% | 6.2% | |||
| UK | 2,116 | 3,891 | 84% | 6.3% | |||
Source: Communities and Local Government (CLG) for regional house prices and privately owned residential properties
*Before deducting for mortgage outstanding balances
**2011 estimate based on Bank of Scotland calculation
